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Long

USD/JPY formed triple bottom around 118,jump till 120 expected

FX:USDJPY   U.S. Dollar/Japanese Yen
171 0 3
• RES 4: 120.50

• RES 3: 120

• RES 2: 119.70

• RES 1: 119.40 (20 day 4 HMA )

PRICE: 119.28 @ 4:18 GMT            

• SUP 1: 119

• SUP 2: 118.69

• SUP 3: 118

• SUP 4: 116.86
COMMENTARY:

USD/JPY             has once again recovered after making a low of 118.32 and overall trend is bullish as long as support 118 holds.

On the upside minor resistance is around 119.40 (20 day HMA ) and any break above would extend gains till 119.70/120.

Intraday bullish invalidation can happen only 118 level It is good to buy at dips around 118.70 for the target of 120/120.40 .

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